Ger­many's Evotec ex­pands in­to bi­o­log­ics with up to $90M deal for Seat­tle's Just Bio­ther­a­peu­tics

Ger­man drug dis­cov­ery com­pa­ny Evotec — which has a ro­bust rolodex of bio­phar­ma part­ners such as Bay­er, Boehringer In­gel­heim, Cel­gene, No­var­tis, No­vo Nordisk, Pfiz­er, Sanofi and Take­da — is ac­quir­ing Just Bio­ther­a­peu­tics, a Seat­tle-based com­pa­ny fo­cused on re­duc­ing the cost of man­u­fac­tur­ing pro­tein ther­a­pies, in a deal worth up to $90 mil­lion.

Found­ed in 2014 by for­mer Am­gen ex­ec­u­tives, Just.Bio in 2016 raised $14 mil­lion in a round of fi­nanc­ing led by the Bill & Melin­da Gates Foun­da­tion with the par­tic­i­pa­tion of ex­ist­ing in­vestors Mer­ck, Lil­ly Asia Ven­tures and ARCH Ven­ture Part­ners. Un­der the deal, the com­pa­ny gets $60 mil­lion up­front and is el­i­gi­ble to re­ceive $30 mil­lion in mile­stone pay­ments over the next three years.

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